Last week we did a little teleseminar show in the SWS Virtual Studio called "Using a Consultative Approach with Expired Listings," where we discussed a better way (IMHO!) to work with frustrated homeseller wannabe's than the traditional pushy, salesy nonsense that's preached as gospel in our industry.
By "consultative" I mean that you go in with an attitude of "What Went Wrong and how can we fix it?" as opposed to an attitude of "please sign this here listing agreement so I can put MY sign in your yard for another six months and oh, yeah, you were overpriced, that's why you didn't sell, see ya in six weeks when I show up with a price reduction amendment for you to sign."
During the show I described an approach that helps both the agent and frustrated homeseller wannabe figure out exactly What Went Wrong and if it CAN be fixed to maximize the likelihood of a better outcome this go-around. I asked the audience to take notes and at the end of the show, tell me which tip or strategy was their favorite of the day...
And here are the results!
Favorit-est Tip #1
Approach the homeseller wannabe with a list of questions about their prior (unsuccessful) listing experience (including asking them why they think the home didn't sell) instead of coming in with a fancy-schmantzy presentation and sales pitch.
Favorit-est Tip #2
Go in with the heart of a detective (i.e. a consultant) with the goal of discovering What Went Wrong instead of a goal of Getting a Signature.
Favorit-est Tip #3
Related to #1 and #2, have a CONVERSATION with the homeseller wannabe instead of making a presentation; listen more and talk less.
Favorit-est Tip #4
Use a multi-step process - your first visit is solely to gather information, and on the second visit you present your analysis of What Went Wrong.
Favorit-est Tip #5
Take a close look at the prior agent's MLS listing looking for red flags that might have impeded the sale of the home. Examples of red flags include: important fields not completed properly, the listing describes showing restrictions, the buyer agent co-op isn't competitive, the home is priced just above a natural threshold, or the listing description overpromises.
Favorit-est Tip #6
You can actually CHARGE to perform this "What Went Wrong" analysis as a separate service and offer to rebate the fee at closing if hired to list the property.
Favorit-est Tip #7
You might discover when doing your analysis that the property simply isn't sellable right now.
Thanks to everyone who attended the show and participated in the Favorit-est Tips survey!